Bank Alfalah is one of the leading commercial bank and awarded for its digital excellence for four consecutive years by Pakistan Banking Awards, recently announced the launch of ‘Alfa Business – Merchants Payment Solutions’. The aim is to accelerate digitisation across millions of merchants across Pakistan. This initiative will help merchants move from cash transactions to digital payments by integrating into a fully digitised and efficient platform, helping Pakistan move towards a cashless economy.
Alfa Business supports a diversified merchant ecosystem and helps businesses of every size manage their daily transactions digitally. It offers digital payment acceptance, sales monitoring for settled and unsettled transactions, receipt generation, invoicing, digital bookkeeping through khatas, instant Raast QR card issuance and access to finance in one place.
These services are further supported through Bank Alfalah’s ‘Digital Payment Centres’ in major trade markets across Karachi, Lahore and Islamabad. The centres act as walk-in payment hubs for merchants who are shifting to digital platforms, providing essential financial services that keep their payment operations running. They help maintain smooth cash flow and allow merchants to experience digitisation in a secure, convenient and reliable way.
Muhammad Yahya Khan, Chief Digital Officer at Bank Alfalah, commented: “For Pakistan’s economy to reach its full potential, we must digitise commerce at the grassroots level. Our commitment to Alfa Business Merchant Payment Solutions is about putting secure, simple financial tools directly into the hands of our merchants, accelerating their move away from cash to cashless and thus empowering their businesses to expand.”
Key features at Digital Payment Centres include:
● High-limit ATMs that allow withdrawals of up to PKR 1 million, available 24/7
● Cash Deposit Machines that accept deposits into any bank account in Pakistan available round the clock
● Digital Cheque Deposit Kiosks that provide instant credit of funds via cheque through AI-based scanning accessible all the time; and
● Merchants can also open and operate sole proprietor accounts on the spot without visiting a branch.
The Alfa Business App expands the use of digital payments by offering a single platform that brings together payment acceptance, business management and access to finance. Key features of the Alfa Business app include:
● QR payment acceptance for static, dynamic and omni QR payments, allowing merchants to scan with any smartphone camera.
● Request to Pay for instant or scheduled payment requests and secure collections.
● Digital khata management to record transactions, create vendor sub-accounts, generate itemised invoices and issue digital receipts.
● Business insights that provide tailored statements and transaction reports for better decisions.
● Instant financing that offers quick access to working capital based on transaction history with minimal documentation.
● Issuing prepaid bank card instantly to customers.
● Buy Now, Pay Later via QR, allowing customers to pay later while merchants receive instant settlement.
● Cheque Deposit Kiosk integration using AI to recognise cheques and give instant credit.
● Sole proprietor account opening that enables merchants to open accounts digitally and link them to their payment activity
Click the link to download the app now:
